Does this mean I can get a commercial mortgage?
In simple terms, yes. We’ve worked with many clients over the years and have a relationship with many providers of mortgages. Bad credit commercial mortgages can always be arranged if we can help you to meet alternative criteria and show that you’re not too high a risk.
The best advice is to speak to one of our brokers and we can take a look at your situation first.
What you need to consider before moving forward
Before you move forward with an application, here’s a few things to consider:
Do you have a mortgage deposit?
If you have bad credit one thing most providers of mortgages will expect is that you take on some risk yourself by putting forward some of your own money. Ultimately, you’re showing your lender or commercial mortgage provider that you’re confident you’ll repay the loan.
Do you have other mortgage security?
One thing you can do, is if you have other assets you can put forward as security, you’re also showing your commercial mortgage provider that you’re confident in your ability to repay by putting forward an asset they can use if you default. Primarily a property would be the ideal asset, but there are always other things we can consider. If you’re able to put forward a residential property, for example, even with a second charge, we can help even if you have bad credit.
Can you prove your income to lenders?
Another thing that commercial mortgage lenders like to see, even from those with poor credit, is that they can prove a stable income with which they’re able to repay their commercial mortgage. If, for example, you’re looking to purchase a commercial property to expand your business, and you can prove with your accounts that you’ve been making steady income for a good period, this could help you with your commercial mortgage application.
Types of bad credit we can help with
There are a number of issues we can help you with, such as:
Missed payments: If you’ve damaged your credit by missing payments in the past, we can help you to give your commercial mortgage provider with confidence that you can make your payments on time.
Defaults: If you’ve defaulted on debts in the past, there could be many reasons for this, and doesn’t necessarily mean that you’re not now in a position to take out a commercial mortgage.
CCJ’s: A county court judgement can sometimes be one of the worst adverse events you can have on your credit, and can badly affect your ability to qualify for mortgages, but if a certain amount of time has passed, we can still help.
No credit history: Funnily enough, having little or no credit can be as bad as having adverse credit or bad credit. It means that providers of mortgages and other credit don’t know what your history is like, but again we can help with this.
Commercial mortgage calculator
For those with bad credit looking for mortgages, or property investors, we’ve included our handy calculator. Even if you’re not sure about your credit, this will allow you to adjust the deposit amount, term of the mortgage, value of the loan, interest, and other criteria so you can get an idea of what you may qualify for if for example, you’re looking to convert a HMO, create an HMO, or fund a refurbishment.
Can My Business Get a Commercial Mortgage with a Bad Credit History?
Yes, with our help, we can certainly get you in a position, even with bad credit, where we can help you arrange a mortgage. For property investors or those looking to renovate property, there are many situations we can help you with, even with a development.
We work with a large panel of lenders and our service will allow you to access providers who are willing to take on extra risk with properties.
Speak to our expert brokers today
If you’re looking at a development, or other types of property, and need a mortgage, then get in touch and speak to one of our team today to discuss your situation.
If you’ve got bad or adverse credit, we can help you out and find you the right solution for you. We’ve got years of experience and a panel of lenders willing to help.
We’re here every step of the way too, and our brokers can talk you through the process and what you may need. And don’t forget, if a mortgage or a commercial mortgage isn’t for you, we have other options that may work for you instead.